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  "docSlug": "1233d0b05ad9",
  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses a grid layout to present four distinct supplier profiles as evidence of operational risk.",
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      "kind": "callout",
      "text": "Very small private German company founded in 2014 with 2022 assets of $2 million per filed financials and <20 employees per LinkedIn.",
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      "kind": "callout",
      "text": "Small private company focused on commercializing its FluidJet technology used by Procept.",
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      "text": "Small state-sponsored Chinese company that reported $10 million of revenue in FQ2 2022. Terminated announced IPO in December 2022. Tariff / trade risks?",
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      "text": "Very small family-run contract manufacturer with 19 employees per S&P Capital IQ.",
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      "text": "Procept discloses the existence of four key suppliers in its SEC filings. We are troubled by what we found regarding each of these companies.",
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      "text": "Supplier imagery (Shantou, Myriad, HydroCision, MTT)",
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      "text": "Procept discloses the existence of four key suppliers in its SEC filings. We are troubled by what we found regarding each of these companies. Given Procept's history of recalls and persistent adverse events related to equipment malfunction, we believe investors should more closely scrutinize the Company's supplier risks.",
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      "kind": "source-note",
      "text": "Source: Procept 2023 10-K, SIUI website, Myriad Fiber website, Google Maps, HydroCision website, LinkedIn, German financial filings",
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      "text": "We Believe Procept Has Underappreciated Supply Chain Risks",
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